British drug maker GlaxoSmithKline has acquired exclusive rights to research and develop vaccine and inhaled product candidates using Liquidia technology.

Liquidia, a UNC-Chapel Hill spinoff, researches nanoparticles for use in asthma and other respiratory therapies.

Liquidia will receive an undisclosed up-front payment of cash, equity and research and development funding, and there’s the potential for additional licensing fees, development milestones and royalties. If all goes well, the total eventually could reach as much as several hundred million dollars, according to a news release.

Liquidia can also continue its independent development of certain respiratory and vaccine products through the collaboration.

GSK (NYSE: GSK) has its U.S. headquarters in Research Triangle Park.

Wednesday’s announcement of the collaboration has been a long time coming for Liquidia CEO Neal Fowler. “It’s a super day for us here at Liquidia,” he says.

The deal has been in the works for three or four years, though conversations escalated in the fall. While he hasn’t spoken directly with GSK CEO Andrew Witty, Fowler says Witty is very aware of the deal, and that meetings with upper level executives at GSK have taken place both in Europe and at RTP.

The big news, Fowler says, isn’t the money – it’s the possibilities. Liquidia has focused on vaccines and pulmonary research. Now, with GSK taking the reins of much of that, Liquidia can apply its proprietary technology to other therapy areas.

“This will be a great step for us,” he says. It’s also a step that should add between five and 10 employees to the current staff of 52, Fowler adds.